Fannie Mae, the largest insurer of residential mortgages in the country, has very specific guidelines for lending in condominium properties. For homeowners to obtain mortgage financing, the entire condominium property must be acceptable for lending. This means that insurance policies, by-laws and budgets must comply with Fannie Mae lending guidelines if a mortgage is to be insured with the agency.
The good news: Family First Funding has it covered! We work with property managers, realtors, developers and boards to collect, review and approve condominium properties for financing.
Is your condominium development is Fannie Mae compliant?